Ncube: $10bln Debt the problem, not sanctions

via Ncube: $10bln Debt the problem, not sanctions – New Zimbabwe 23/10/2015

THE problems inhibiting Zimbabwe’s recovery have nothing to do with sanctions but the over $10 million debt overhang that Zimbabwe owes international financial institutions and the Zanu PF government’s failure to come up with a proper plan to revive the economy.

This was said by MDC leader Welshman Ncube while addressing journalists at the Bulawayo Press Club on Friday.

Ncube said the sanctions mantra was a fallacy that had outlived its justification for economic decline, adding that it was irrational to put all blame for the country’s economic woes on sanctions when government itself makes no effort to address the economic situation.

He revealed that the international community had been desperate to give Zimbabwe a fresh start in 2013, but they found no one to do business with in the Zanu PF government as the party’s only interest lay in succession and factional battles.

“Even to this day, if the diplomatic community in Zimbabwe were to find a serious government programme of addressing the economic fundamentals they are ready to embrace it,” he said.

“That is the crux of the matter. Ask anyone, even the most senior people in government, what ZIMASSET stands for, ask them what are the key components of ZIMASSET.

“If you don’t believe me, ask any Minister, except Prof Moyo, they won’t be able to answer you, because ZIMASSET is a slogan, meant for the people who will vote.”

“During my time in government, the question that we had no answer to in respect of everyone who was trying to put money in Zimbabwe was how are you going to resolve your debt, how are you going to normalize relations with the world bank and IMF,” Ncube added.

“And those relations are not sanctions determined, they are determined by the failure of paying the things we owe them. If you can crack that conundrum of that debt you crack the so called sanctions.”

Government has maintained that sanctions are to blame for the economic ills that continue to plague the country.

The United States, EU and a number of other Western countries imposed travel bans and targeted in 2002 following reports of massive rigging and electoral violence.

A considerable number of names have been cleared since, but President Mugabe, his wife Grace and a number of his top lieutenants remain on the ‘black list’.

“The cynicism around the fact that there is actually no government programme to address the economy is exemplified as usual by Prof Moyo himself who said at one time, we cannot address the economy until the skulls of our heroes and heroines come back from England.

“That is significant to the extent that here is a government saying we have no plan, no programme to address the economy,” said Ncube.